Ethics in strategic planning essay example

Reasonable people adapt themselves to the world.

Ethics in strategic planning essay example

How to Write a Summary of an Article? Ethics and Strategic Plan Week 2 Individual assignment Abstract Reviews the role of ethics and social responsibilities in developing a strategic plan while considering stakeholder needs and agendas.

Reviews the four key responsibilities and priorities as stated by Carroll; economic, legal, ethical, and discretionary responsibilities. Discusses the importance of integrating ethical and social responsibilities in a strategic plan.

However, over the past half century the bar has been steadily raised. Ethical and social responsibilities are a necessity in developing a strategic plan. There are four key responsibilities an organization needs to establish when developing a strategic plan.

These four responsibilities integrated together will meet most needs and agendas of the stakeholders. Economic responsibility to produce goods or services of value to society so the firm can repay its creditors and shareholders. Legal responsibility as defined by government laws, the management is expected to obey.

Ethical responsibility to follow generally held beliefs about behavior in a society. With these four responsibilities, a company when establishing their strategic plan, they must incorporate these fundamental responsibilities in a means that would satisfy the stakeholders needs and agendas.

The company must consider all risks, company performance, strategies to meet performance, and social responsibility policies while creating measurable indicators to demonstrate the progress of the company when developing the strategic plan.

Once the strategic plan has been developed, communication of the plan to the stakeholders is an important part of the process. By communicating the strategic plan to the stakeholders, all affected individuals or groups will become aware of the path the company is headed.

Example of Overstepping Ethical Boundaries As referenced earlier, a company has responsibilities to meet when establishing a strategic plan. Ethical responsibility is listed as the second priority a company needs to meet according to Carroll.

When overstepping ethical boundaries, a company exposes stakeholders to risks that do not meet their needs. Enron overstepped the ethical boundaries which in the end cost the stakeholders, which mainly was the employees, billions of dollars for their own personal gain.

Enron through various unethical decisions, mislead employees and investors by manipulating the accounting entries to make the company to be more profitable than the true represented dollars were.

At the time of the Enron incident, there were inadequate government legal or regulatory process in place, if such processes were in place, the Enron incident could have been prevented.

Preventative measure that have been established by the government have assisted in reducing the risk to the stakeholders in an organization. A financial auditing company approved by the government is now required to audit financial reports of a company. Conclusion With past scandals in the business world, companies have been establishing roles of ethics and social responsibility in developing a strategic plan while considering stakeholder needs and agendas.

Carroll has identified four key responsibilities a company needs to address when developing a strategic plan. Economic, legal, ethical, and discretionary responsibilities, listed in order of priority, are represented to show how an organization can integrate social and ethical responsibilities in a strategic plan.

Solutions:

The example provided of Enron has illustrated how a company has overstepped the ethical boundaries and causing risks to the stakeholders. Since the Enron incident, the government established processes to prevent unethical behavior as what happened with Enron to protect the stakeholders of the company.

Concepts in strategic management and business policy achieving sustainability 12th ed.The article is devoted to studying the issue of strategic planning in the area of US national security. This paper discusses the features of the development projects of strategic and conceptual documents in .

Ethics in strategic planning essay example

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